Pep Boys 2008 Annual Report Download - page 161
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Exhibit 12
January 31, February 2, February 3, January 28, January 29,
Fiscal Year 2009 2008 2007 2006 2005
(in thousands, except ratios)
Interest ....................... $27,048 $ 51,293 $ 49,342 $ 49,040 $35,965
Interest factor in rental expense ..... 25,717 23,085 19,984 22,534 20,314
Capitalized interest ............... — — 799 867 659
(a) Fixed charges, as defined ........... $52,765 $ 74,378 $ 70,125 $ 72,441 $56,938
(Loss) Earnings from continuing
operations before income taxes and
cumulative effect of change in
accounting principle ............ $(34,977) $(63,032) $(13,470) $(57,622) $38,307
Fixed charges ................... 52,765 74,378 70,125 72,441 56,938
Capitalized interest ............... — — (799) (867) (659)
(b) Earnings, as defined .............. $17,788 $ 11,346 $ 55,856 $ 13,952 $94,586
(c) Ratio of earnings to fixed charges
(ba)........................ — — — — 1.7x
The ratio of earnings to fixed charges is completed by dividing earnings by fixed charges.
‘‘Earnings’’ consist of earnings before income taxes plus fixed charges (exclusive of capitalized interest
costs) plus one-third of rental expense (which amount is considered representative of the interest factor
in rental expense). Earnings, as defined, were not sufficient to cover fixed charges by approximately
$35.0, $63.0, $14.3 and $58.4 million for fiscal years ended January 31, 2009, February 2, 2008;
February 3, 2007 and January 28, 2006 respectively.